ILOILO CITY (PIA) -- The Philippine Statistics Authority (PSA) Regional Statistical Services Office 6 logs an almost six percent increase in the economic performance of Western Visayas IN 2021.
During the recent news conference regarding the 2021 Report on the Economic Performance of Western Visayas held at Zuri Hotel in Iloilo City, PSA RSSO 6 OIC regional director Nelida C. Amolar reported that the economy of the region rebounded from a negative 9.7 percent in 2020 to a positive 5.9 percent in 2021.
“The total gross value added of the region was recorded at P874.1 billion in 2021 at constant 2018 prices. This was an increase of P48.7 billion from its 2020 level of P825.4 billion,” Amolar added.
She cited that the increase corresponds to the increase also on the region’s GRDP as shown by the positive growth of industries during the recent year.
Of the 5.9% growth rate, the Services such as trade, financial and insurance activities, education, and others are the top contributing industries in the region with 3.5 percentage points; followed by the Industry like manufacturing, construction, among others with 1.6
percentage points; and, the Agriculture, Forestry, and Fishing (AFF) industries with 0.8 percentage points.
This growth rate in 2021, according to Amolar, placed Western Visayas in the eighth rank among all the regions and remains the 5th largest economy in the country outside the National Capital Region.
Meanwhile, National Economic and Development Authority (NEDA) 6 regional director Meylene C. Rosales, in her message, expressed her delightfulness after hearing the update regarding the economic performance of Western Visayas.
“After hearing the presentation earlier, we all heard the good news. So we can now heave a sigh of relief,” said Rosales while citing how the pandemic disrupted the economic and psychological aspects of society.
According to her, the gradual easement of movement restrictions and the opening of industries again like tourism, food, and
accommodations contribute to the increase in the economic performance of the region.
Rosales also signified an optimistic prospect of a brighter economy for the region in the next six to 12 months.
“Our recent economic indicators show that the region is on track to recovery as we enter the new normal and as COVID-19 is yet to become endemic. As most of the region deescalated to Alert Level 1, we see more business opportunities coming and the employment status is promising,” she stressed.
She also assures that NEDA is proposing policies to accelerate and sustain economic recovery despite these challenges, especially with the recent issue of oil price hikes that affect most of the regional industries.
On the other hand, PSA RSSO 6 Chief Statistical Specialist Marlene Y. Alviar closed the news conference with a note on the importance of the statistics in determining what to do next by the government and its line agencies.
“Data timeliness and accuracy cannot be overemphasized. Quality statistics lead to quality plans and decisions with the end outcome of quality lives for us all,” Alviar said. (AAL/FRG/PIA6)